Competition is inevitable, and the sooner you come to terms with its influencing factors, the better you will be in your respective marketplace. A good way to get ahead would be to know your competition through and through. The words of Don Corleone ring true, “keep your friends close and your enemies closer.” One way to get to know your “enemies” better would be conducting a competitive market analysis. Although it may seem complicated, it’s actually a lot simpler when you get to terms with some of the nitty-gritty. This article will take you through 5 easy steps that help you gain a competitive edge. These steps are easy to implement and are designed to give you an understanding of how to create effective strategies.
Conduct Competitive Market Analysis in X Easy Steps
What is the Competitive Market Analysis?
Before moving to the nuts and bolts of competitive analysis, let’s get familiar with a few basic terms. Competitive market analysis is a realm of strategic research. It specializes in data collection and analysis of competitors. That is a vital ingredient of a successful business. Through this analysis, you will get to know about what your rivals are doing on various business fronts. You will also know the kind of threat they present for your business. This is regardless of the kind of services offered by your company, like digital marketing, or some product sales.
When done under prerequisite boundaries, competitive research is entirely legal. It involves collecting information from publicly available sources. For this, you can use other businesses’ websites, newspapers, financial reports, and more.
Define Your Top Ten Rivals
First, ask yourself whether you have determined the top ten rivals of your business. If not, then you still have got a long way to go. Every company has ruthless competitions that they cannot stand. Regardless of the way you achieve customers, either through SEO or PPC services, they utilize your ideas and steal potential clients. Knowledge is power, so be informed or find someone in your firm who can keep tabs on your competitors. That person (could be you) should be able to easily count your top ten competitors and know their USPs (Unique Selling Propositions). In truth, you’ve probably got more than just a mere ten business rivals out there. The idea is to set your sights on a few of them who you think are your main rivals.
It may be surprising to you. But finding your rivals is very simple. A search engine like Google can be an excellent source. Just Google the product or service you provide. One Google throws a list of search results; you can be sure that your main competitors will appear right at the top of the results page. This would also just happen to be the base for competitive market analysis. There are also a number of online tools that will help you uncover some of the featured rival businesses. SEMrush is a good analysis tool which has been in use for some time. This insight will give you a pretty accurate idea about how your competition is ranking on certain keywords important for your business.
Analyze their Content
Once you are done with the first step, and you have a better idea of the major competitors. Now it is time to analyze and compare their content with yours. In competitive market analysis, you should be able to analyze your rivals comprehensively. This means you should check what kind of content they present. Different types of content can be in the form of blogs, case studies, glossaries, podcasts, videos, news, FAQs, and more. Check the quality of their content writings. Is it better than yours? Also, ensure you check the topics they cover in their content. How different are they from your topics?
Additionally, you should check how often they post content on their webpage. Knowing how to make the most of proper content marketing will also help a lot. All these aspects will give you an idea of why your clients prefer them over you.
Analyze their SEO Structure
You may have fixed your content, but you are still not converting that traffic that’s coming thanks to the content. Your next attention should be on SEO. It’s quite possible that your rivals are better than you at getting their SEO structure in order. Analyzing their SEO should be the next part of your competitive market analysis. You should know how critical SEO is for a site producing blogs. No matter how many high-quality blogs you have, without proper SEO structure, your clients will never read it. That is why you should make sure to check several aspects of SEO. These can be the page title, internal links, the image alt text, the URL architecture, and more. Additionally, make sure you check the types of keywords your competition uses. Revealing the issues about this matter will undoubtedly enhance your online visibility and generate traffic.
Tip: Instead of generic keywords that are searched a lot more, use more specific keywords. For instance, you can use long-tailed keywords. Note that they are more accurate. It means the customers more likely to buy your product will search for those keywords. So, you will increase conversions.
Check Their Social Media Accounts
You have already gained a lot of information regarding your top competitors. But unless you’ve conducted a comprehensive competitive market analysis, there is still a chance that your competition is doing better. To go deeper into understanding why, you should check out their social media pages. Note that the importance of social media marketing (SMM) in engaging can change very quickly. In case your competitors have a better SMM strategy, it is likely that they are taking away a considerable market share. You should be able to decipher which social media sites they are present. And if you find that they are, check to see if they share content to engage their audiences.
Additionally, look at what type of content they are producing. Do they have any cover photos? Make sure you investigate all these aspects. You will learn a lot about them here. This in turn, will help you make improvements to your company.
Reveal the Areas for Improvement
The last step in implementing your competitive research on your competition. Now that you have gathered sufficient information regarding your competitors. The last stage of competitive market analysis involves looking for areas that you can take back and ponder over. It is impossible that all areas of your business are perfect. You can start by checking your SEO structure, the content, social media pages, and then go on from there. Once you uncover areas of improvement and work towards them, you are bound to see an increase in sales of your products or services. Note that the development will happen gradually. So, do not expect wonders in a short span of time.
Competing in today’s market is by no means a cakewalk. One of the main factors behind it is the intense rivalry between companies. Still, there are many ways to outplay your competition. Hard work is one way to get there. However, smart work is just as critical. Competitive market analysis is the best example of “intelligent work.” It helps you understand your competition, and as a result, your own business better. This way, you can enhance your business and acquire a critical edge over your competition in the market. We hope that you found this article helpful. You can go to other informative articles on our page that can add more information about creating a robust business online.